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ES #F Breakout to the upside after spring formation
All selling efforts yesterday was absorbed by the buyers and the 2416.50 level warned about yesterday was broken, and up she goes, resuming the longer term up trend. All signals were firing to the upside: Strength developed, Volume Flow turned around and was ultra-strong, the Multi Time Frame tool fired to the up side, and strong buying pressure developed, after initial selling pressure yesterday could not move prices down, a sure sign of absorption. The sideways price action since the 26th of May was winding up like a coil spring and was released to the up side with a 19.25 point move from the break out point we warned about (Also a spring formation was present that penetrated the previous swing low at 2407.75 and ended the down move on the 31st of May and resulted in a up move of 33 points so far). A safe long entry at our break out zone at 2416.50 warned about yesterday, could have yielded 18.50 points or $925 per contract, at the current price level of 2435 with the all-time new high of 2435.75 at the moment. No signs of supply entering the market at the moment, only a little bit of selling pressure is developing, probably due to profit taking. The Elliott wave projection target at the moment is around 2459 (234 min) and 2545 (daily) for the longer term, but watch out for a pullback (big or small) that can occur.
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